Vechain Partners with China’s Leading Energy and Gas Companies for Blockchain-based LNG Solution

The effect of global warming is becoming more and more evident; increased temperatures, rising tides, and melting of polar ice, amongst others. Several developed countries are taking steps towards reducing the amount of carbon emissions, and China has been at the forefront in this pursuit. In line with this, the country has taken a rather significant leap forward by announcing a blockchain-enabled liquified natural gas (LNG) solution. The country will be using VeChainThor blockchain, as part of a joint venture involving VeChain, Shanghai Gas, and ENN.

The partnership was formally announced at the just concluded “China International Gas & Heating Technology and Equipment Exhibition 2018”. VeChain will be responsible for providing necessary blockchain services in the joint venture. ENN Energy Holdings Limited on the other hand is handling the design and construction of LNG-based business scenarios, as well as providing the necessary vehicles and equipment. They will be providing onsite technical teams and testing grounds for the pilot phase. Meanwhile, Shanghai Gas is there to ensure that the success of the solutions expands to other companies within the LNG market; from policy guidance to resource coordination, and support for commercial landing projects.

There’s little wonder on why China has taken this step, considering the fact that they are one of the world’s largest producers and the second largest importer of LNG.